Silverstein Properties, a private real estate developer, owner, and property manager, closed on the acquisition of 116 John Street, a 416-unit multifamily property in Lower Manhattan. Silverstein purchased the building from an affiliate of Metro Loft Management, LLC for $247.5million.

This transaction marks the company’s first acquisition of a residential property in New York City. Silverstein Properties developed and opened the Four Seasons Downtown at 30 Park Place in 2016; and developed, owns and manages two residential rental buildings on 42nd Street – Silver Towers and River Place – with a total of 2,280 units, including 548 affordable housing apartments. The firm is currently developing over 6,000 residential units in Astoria, Queens, Downtown Manhattan, Jersey City, Las Vegas and Seattle.

Read here for more.